13.06.2015, Strategic Culture
Yury Lutsenko, an MP and the leader of Bloc of Petro
Poroshenko party, reported that the Ukraine’s National Bank started the
printing press. Allegedly it went ahead after Prime Minister Arseniy Yatsenyuk
gave his approval. Few people paid attention to this information. Soon Yulia
Timoshenko confirmed the news (she is an opposition leader). She said the
uncontrolled emission without back-up should be stopped. In January the
emission rate was 31billion hryvnias.
The issue hit the agenda to be picked up for
discussion by politicians and journalists.
The Prime Minister is in a tight spot. The money
received as the first tranche in mid-March (5 billion US dollars) is spent.
There is no certainty about the next tranche to be released (the talks on debt restructuring
have become stymied). The government has no money for social spending
(pensions, wages etc.). It all left Yatsenyuk little choice but to start
running the printing press.
All of a sudden the issue came to the fore. It looks
very much like a plot to do away with the incumbent Prime Minister. The
printing press was started to run as far back as last year. The emission has no
back up (central bank’s gold and currency reserves, bonds, promissory notes,
economic production…). The only thing to come along with the emission is
